Net Income (Loss) Per Class A Common Share (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income (loss)	$	87,828	$	(9,006)


Less:

Net loss attributable to non-controlling interests in TPG Operating Group	(12,099)		(55,037)
Net income attributable to other non-controlling interests	74,534		30,512
Net income attributable to Class A Common Stockholders prior to distributions	25,393		15,519
Reallocation of earnings to unvested participating restricted stock units(a)	(15,559)		(7,145)
Net income attributable to Class A Common Stockholders - Basic	9,834		8,374

Net loss assuming exchange of non-controlling interest	(8,455)		(46,736)
Net income (loss) attributable to Class A Common Stockholders - Diluted	$	1,379	$	(38,362)
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	117,408,263		89,113,782
Exchange of Common Units to Class A Common Stock	251,950,698		275,237,136
Weighted-Average Shares of Common Stock Outstanding - Diluted	369,358,961		364,350,918
Net income (loss) available to Class A common stock per share
Basic	$	0.08	$	0.09
Diluted	$	0.00	$	(0.11)
Dividends declared per share of Class A Common Stock(b)	$	0.53	$	0.41

___________

(a)No undistributed losses were allocated to unvested participating RSUs during the three months ended March 31, 2025 and 2024, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.

(b)Dividends declared reflects the calendar date of the declaration for each distribution. The first quarter dividends were declared on May 7, 2025 and are payable on June 2, 2025.